Extra Payments Myth
What you need to know about mortgage payments
The Truth Behind Extra Mortgage Payments
IT’S A COMMON MISCONCEPTION
Most of us have been encouraged to make additional principal payments on our mortgage.
How often have you done that over the years? What have you accomplished with those efforts? Has your financial situation changed as a result? Did that actually lower your monthly payment?
What if every dollar you earn was working to pay off your mortgage sooner?
YOU HAVE THE DISCIPLINE
BUT WILL IT MATTER?
You could make an additional principal payment every single month or even a full double payment every month. But that would not stop your interest costs from accumulating. Nor would it accelerate your payoff date for 15 to 20 years.
There is no doubt, your discipline could help you pay off your mortgage a decade or more sooner.
- If you stay disciplined.
- If nothing changes in your financial situation.
- If your lender applies payments properly against the principal. If, if, if…
Even if you do pay off your home sooner because of your financial discipline, you will not have access to your money or equity in your home.
With a Life Changer Loan, you’ll have access to your money for thirty years. You’ll also pay off your mortgage not one decade, but potentially two decades sooner, potentially reducing your mortgage interest cost by hundreds of thousands of dollars.
Instead of discipline, let’s put your “lazy money” to work every day – with a Life Changer Loan.
It will give you more time to spend in the gym.
CHALLENGE THIS MYTH
You can choose to own your home “free and clear” decades sooner.
How much could a Life Changer Loan save you and your family?
What could it mean to your children and grandchildren?